The Montreal Investment Playbook: Multi-Res & Land Opportunities with Colliers' Joe Rullier

Over the last year, Montreal's industrial market has gone from uncertainty to cautious Former pro hockey player turned top investment broker, Joe Rullier (Executive Vice President, Colliers), shares how he went from the NHL grind to building the #1 investment team in Canada and navigating one of the toughest markets Montreal has seen in years. In this episode, Joe breaks down how New York's high-pressure investment world shaped his work ethic, why land deals have slowed, how he underwrites like a banker to make deals actually financeable, and where he sees real opportunity right now in Montreal's multifamily and land markets. From CMHC delays to older stock repositioning, Joe explains the mindset, structure, and creativity investors need if they want to win in today's environment instead of buying into "dream" pricing that never materializes.   Topics & Timestamps ⏱ 00:01:03 – Welcome back to the Espace Montreal Podcast & intro to Joe Rullier 🏒 00:01:41 – From pro hockey career to New York commercial real estate 🏢 00:03:04 – Old-school New York training: 500 cold calls a week & outworking everyone 💼 00:06:54 – Moving back to Montreal, opening Cushman's investment team & starting from zero 📉 00:09:25 – Why land transactions are down: rates, costs, CMHC and the "perfect storm" 🏗 00:10:56 – Apartment crisis vs. construction reality: why building is getting harder 📊 00:12:24 – Underwriting like a banker: structuring deals that lenders will actually finance 🎯 00:15:12 – Telling the truth on value vs. "selling the dream" and disappointing vendors 🔁 00:17:06 – Shifting asset classes: from land to multi-res and reading where the market is going 🏚 00:19:00 – The big opportunity in older multi-res (30–100 units) with upside & poor management 🔍 00:20:21 – Repositioning, optimization and dealing with private owners and messy paperwork 🏙 00:21:46 – Where Joe sees the next 3–5 years in Montreal: rentals, government support & density 📈 00:24:00 – Example of a 50-unit building reposition and why patience and team matter 👋 00:25:07 – Final thoughts, staying patient in Quebec's sub-2% vacancy market & closing   LinkedIn: https://www.linkedin.com/in/joerullier/ Web: https://www.collierscanada.com/   If this conversation brought you value, share the episode with a colleague or friend in real estate who would benefit from Mike's insights. It helps the show reach more people in the Montreal CRE community. Visit https://www.e5pace.com for more resources, market guides, data, and advertising opportunities